According to MicroStrategy's filings with the U.S. Securities and Exchange Commission (SEC), the sale of 218,575 Class A common shares since September 2022 with underwriter Cowen and Company in an agreement for the sale of up to $500 million of common stock, for gross proceeds of approximately $46.6 million. Net proceeds from the offering will be used for general corporate purposes, including the purchase of bitcoin and working capital, and to repurchase 0.750% Convertible Senior Notes due 2025 and 0% Convertible Senior Notes due 2027, depending on market conditions, the filing said. Convertible senior notes and repayment of outstanding indebtedness under the secured term loan pursuant to a credit and guarantee agreement between wholly owned subsidiary MacroStrategy LLC and Silvergate Bank.